San Mateo County Employees' Retirement Association, Redwood City, Calif., hired Northern Trust as its new custodian, according to recently released board meeting minutes.
The $3 billion pension fund issued an RFP in January because the contract of incumbent custodian State Street Corp. was expiring. State Street did rebid. Bank of New York Mellon was the only other bidder.
All three firms made presentations to the board's evaluation committee. Northern Trust's contract begins on July 1.
Separately, the pension fund committed $20 million to Taurus Mining Finance Fund, a private debt fund that invests in global emerging public and private mining and metals companies, managed by Taurus Fund Management.
Investment consultant Strategic Investment Solutions assisted with the commitment.
Michael Coultrip, chief investment officer, did not return a phone call by press time.
